Bitcoin BTC is down $35,403 to begin the new week, but it is still trading close to $37K as economic data becomes more prominent. The biggest cryptocurrency is still hovering around its highest points in the last eighteen months, propelled by anticipation over a potential US ETF approval. That is becoming more and more avaricious, though, as the Greed Index & Crypto Fear indicates that the circumstances coincide with what was observed when the price of Bitcoin reached its all-time high in the latter half of 2021.
What may upset the current order and cause eruptions in the days ahead? This week, there’s a greater chance of an outside trigger. There is a chance that a variety of U.S. data points, such as the CPI, would upset any sideways exchange activity in risky assets. There are also many Federal Reserve officials scheduled to speak, all the while the unstable geopolitical landscape in the Middle East continues to churn. On the institutional front, however, the outlook for Bitcoin appears to be quite positive.
The GBTC is getting closer to parity with asset value, ahead of the potential approval of an ETF. Can the bitcoin markets hold steady and prevent a significant decline? In its weekly list of potential triggers for Bitcoin price volatility, Cointelegraph examines the following situations.
Flash Warning On Funding Rates And A $37,000 Bitcoin Price
On November 12, Bitcoin reached a new all-time high with its weekly close, but the gains from previous closures did not materialize. Instead, during the trading session with Asia, USD/BTC dropped below $37K, remaining firmly inside the exchange range that had been in place all weekend, according to data from TradingView and Cointelegraph Markets Pro. Analyst and popular trader Credible Crypto, who was keeping an eye on the situation, predicted that this may soon change. He attributed the cause to OI, which is now likely to cause volatility.